Gorjian of Namdar Realty Group completes 160,500 s/f acquisition

Ypsilanti, MI Joel Gorjian, vice president of acquisitions & dispositions at Namdar Realty Group, has completed the acquisition of the Gault Village Marketplace shopping center.

Located at 1005-1075 Emerick St., the property sits on a 13.2-acre lot and features 1,815 linear ft. of frontage and 1,200 parking spaces. The center is in a retail corridor that serves 66,000 people residing within a three-mile radius.

“The 160,500 s/f Gault Village Marketplace was an attractive acquisition target and fit well into our portfolio due to its redevelopment and repositioning potential as well as a high capitalization rate,” said Gorjian. “We are planning to upgrade the property and target new tenants, including both national and regional retailers that cater to the needs of the local demographics.”

The one-story shopping center has visibility and access from I-94 and is located near the University of Michigan and Eastern Michigan University campuses. Gault Village Marketplace’s current tenants include Family Dollar, Advance America, Measurement Incorporated, New Image Beauty, a China One restaurant, and Gault Village Cleaners.

“The recent increase of the federal funds rate creates buying opportunities for long-term investor/operators such as Namdar by reducing demand and lowering the cost of commercial real estate,” explained Gorjian. “We are currently negotiating nine acquisitions nationwide, including two in Michigan, and are looking for additional acquisition opportunities. Our focus is on underperforming properties with high cap rates negotiated through off-market deals.”

Namdar Realty Group is a privately held commercial real estate investment and management firm headquartered in Great Neck, NY. The firm owns and operates more than 20 million square feet of commercial real estate nationwide. Namdar’s portfolio includes more than 100 retail centers, medical buildings, and office properties. These include: the Eastridge Commons Shopping Center in Flint, MI; the Holiday Office Park in Lansing, MI; the GSA Building in Detroit, MI; the Mall of the Bluffs in Council Bluffs, IA; the Desoto Square Mall and the Jacksonville Regional Shopping Center, both in Jacksonville, FL; the Regency Square Mall in Richmond, VA; the Uniontown Mall in South Union, PA; the Phillipsburg Mall in Phillipsburg, NJ; the Centereach Plaza in Centereach, NY; and the Massapequa Strip Center in Massapequa, NY.